Biden Releases 50 Million Barrels of Oil from Strategic Reserve to Address High Gasoline Prices
Will this presidential election be the most important in American history?
President Biden released 50 million barrels of oil from the U.S. strategic reserve to address high gasoline prices.
In a tweet Biden said, “Today I’m announcing action to lower the cost of gas and oil for American families.”
Today I'm announcing action to lower the cost of gas and oil for American families.
The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans.
— President Biden (@POTUS) November 23, 2021
Biden blamed a lack of oil production on energy companies and energy producing nations, saying, “…oil producing countries and large companies have not ramped up the supply of oil quickly enough to meet demand.”
After attacking U.S. energy, Joe Biden says Americans are seeing high gas prices because “oil producing countries…have not ramped up the supply of oil quickly enough"
The United States is an oil producing country… pic.twitter.com/8yyO9N6RS1
— RNC Research (@RNCResearch) November 23, 2021
Newsmax reported on Biden’s decision.
For context, as reported by Newsmax, the U.S. used approximately 20 million of barrels a day last year.
The Biden administration is releasing 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas prices. @Logan_Ratick shares details. pic.twitter.com/oT2iVNuhGh
— NEWSMAX (@NEWSMAX) November 23, 2021
Biden’s decision is likely related to the way high gasoline prices are adversely affecting his approval ratings.
In a recent CBS News/YouGov poll, only 30 percent said the economy was good and part of that feeling was tied to high gasoline prices.
In fact, 74 percent believed gasoline prices was the reason why they believed the economy is bad.
According to CNBC, gasoline prices are at about a seven year high with, stating, “The national average for a gallon of gas stood at $3.409 on Monday, according to AAA, up from $2.11 one year ago.”
Critics pointed out that high gasoline prices are a result of Biden’s energy policy.
Texas Republican Representative August Pfluger criticized Biden on Fox News’ Fox and Friends First.
Biden was also criticized on Twitter.
According to Fox Business Network host Larry Kudlow, U.S. oil production is down as a result of Biden’s energy policy.
https://twitter.com/JMarie_America/status/1463213603159486473?s=20
Also, releasing oil from the reserve doesn’t always result in lower gasoline prices.
Historically, the US released strategic oil reserves twice and oil price increased afterwards. We were energy independent before 2021 & gas was cheap. A sensible way to address the rising #gasprice is to encourage more domestic production. Guess that’s too much to ask for Biden https://t.co/YDZnbeF2BI
— Helen Raleigh (@HRaleighspeaks) November 23, 2021
The release of oil from the strategic reserve is only a bandaid for the problem of high gasoline prices.
To lower prices requires Biden to embrace oil and other energy natural resource development and totally reverse his anti-traditional energy policy.
High energy prices and inflation are going to continue to hurt Biden’s approval ratings.
